SEC Filings

TR: So the deeper we can penetrate, and the faster we can penetrate, the more value we can create for the consumer and ourselves. While any cable company, in my view, can be successful on its own, because the inherent nature of the architecture is superior. If done at scale, we can compete against the great powers in the world…the Verizons and the AT&Ts and the Comcast and others. And even the edge-providers - the Googles and the Apples, who are very large companies. I think we need to be large to ensure our future.

Segment Three: Reflecting on TWC’s Recent Performance

RM: I’m going to touch on something that’s a little sensitive, but I think our people kind of have to hear it from you. When you guys initially made your early, unsolicited offers to acquire Time Warner Cable, you guys were fairly public in your criticism of Time Warner Cable - our strategy, our operational execution. My point in raising it is not to dwell on that - that’s water under the bridge - but rather to give you an opportunity to comment on the current state of Time Warner Cable, which I would argue is very different than you’ve had an opportunity to witness. So I’d be interested to get your take on Time Warner Cable as it exists today, in 2015, as opposed to late-2013 when this saga began.

TR: Well, just let me say, I always loved Time Warner Cable and as a child of it, I could…I was critical of it but it was out of deep respect for what the company is and what it was and what it can be, what it is.

You know I think you guys have been through a very difficult situation. I mean you had a sale and a whole transition process and then it failed. And yet, at the same time, you’ve really performed really well during that whole period. So just the process of managing an acquisition like you went though and then, at the same time, throw up really good metrics.

The metrics comes first, and the money follows. And there’s always an issue of how that works and how you sell yourself while you’re doing that to Wall Street. You know, we are public companies. Shareholders have different time horizons then we do necessarily. Sometimes, you know in my view, we should always go for long-term value but, in order to do that, you have to sell it to people. Your investors have to understand it. And, you know, I think in some ways you had the luxury of not having to do that and, at the same time, you did the right thing and you had a great result. And it’s very impressive and everyone in the company should be proud.

RM: Well I’m certainly proud of the team and I’m glad to hear that you’ve taken notice of what our crew has accomplished over a pretty tough period of time.

TR: Oh it is. It’s very disruptive, these kinds of things.

RM: By their very nature, as much as we try to keep things steady, they’re distracting.

TR: But the best thing anybody can do is just do what they do, and do it well.

RM: And needless to say, as we’ve now entered into this next phase, what we’ve impressed upon our people is the need to continue to knock the ball out of the park. Continue to stick to our plan and until